Sensex Opens 350 Points Higher; Tata Motors & IndusInd Bank Gain 3%

Fri, 29 Jan 09:30 am

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Asian stock markets staged a rebound tracking gains in US peers after steps to curb volatile retail-trader speculation and solid corporate earnings eased nerves on Wall Street.

The Hang Seng is trading up by 0.3% while the Shanghai Composite is up 0.2%. The Nikkei is trading lower by 0.2%.

US stock markets jumped on Thursday, roaring back from a sharp sell-off on Wall Street that saw the S&P 500 and the Dow Jones Industrial Average suffer their worst drop in three months.

The Dow Jones Industrial Average ended up by 1% while the tech heavy Nasdaq ended higher by 0.5%.

Market had suffered steep declines in the previous session, with the S&P 500 and the Dow posting their biggest one-day decline since October, as the speculative buying frenzy in heavily shorted stocks kept investors on edge.

Back home, Indian share markets have opened on a strong note following the trend on SGX Nifty.

Cipla, Dabur, Tata Motors, Tech Mahindra, IndusInd Bank and Tata Motors are scheduled to announce their December quarter earnings today.

The BSE Sensex is trading up by 375 points. Meanwhile, the NSE Nifty is trading higher by 92 points.

IndusInd Bank is among the top gainers today. Axis Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 1.2%. The BSE Small Cap index is trading higher by 1%.

All sectoral indices are trading in green with stocks in the realty sector and automobile sector witnessing most of the buying interest.

Shares of TVS Motors and Cummins India hit their 52-week highs today.

The rupee is trading at 72.96 against the US$.

Gold prices are trading up by 0.3% at Rs 48,761 per 10 grams.

Speaking of stock markets, in her latest video, Richa Agarwal talks about how to not miss the 10 best days for your portfolio returns.

Tune in to the video to find out more:

In news from the IPO space, Brookfield India Real Estate Trust, backed by Canadian asset manager Brookfield Asset Management Inc., is seeking to raise as much as US$ 522 million in an Indian initial public offering (IPO).

Brookfield REIT is selling 138.2 million units to 138.5 million units at Rs 274 to 275 each, according to terms of the deal. It will take investor orders from February 3 to February 5 before a listing scheduled for February 17, the terms show.

India has been seeking to attract more real estate investment trusts (REIT) IPOs in recent years by tweaking rules to make the vehicle more attractive for investors and developers.

A number of property trusts have since gone public, including Blackstone Group Inc.-backed Mindspace Business Parks REIT last year and Embassy Office Parks REIT in 2019, the country's first REIT IPO.

Brookfield, which manages US$ 578 billion in assets globally, owns and operates about 22 million square feet of office properties in India.

Brookfield REIT will use the funds raised in the IPO to partially or fully repay existing debt and general corporate purposes.

How this REIT sails through remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

In news from the telecom sector, Indus Tower is among the top buzzing stocks today.

The country's largest mobile tower company Indus Towers on Thursday posted a consolidated profit of Rs 13.6 billion for the third quarter ended December 2020.

Indus Towers, formerly Bharti Infratel, had reported a profit after tax of Rs 13.3 billion in the same period a year ago.

Indus Towers merged with Bharti Infratel on November 19, hence the financial performance of the company is not comparable with the past period.

Consolidated revenues for the quarter stood at Rs 67.4 billion.

''This was a milestone quarter for the company with the completion of merger between Bharti Infratel Limited and erstwhile Indus Towers. Operationally, we have witnessed strong network rollouts across the country and the company has reported its highest ever net tower additions in a quarter,'' Indus Towers Managing Director and CEO Bimal Dayal said in a statement.

The total mobile tower base of the company at the end of the reported quarter stood at 1,75,510.

Indus Tower share price has opened the day down by 0.1%.

Moving on to news from the FMCG sector, Marico has reported a 13% increase in consolidated net profit to Rs 3.1 billion for the quarter ended December 2020. The company had posted a net profit of Rs 2.76 billion in the October-December quarter a year ago.

Revenue from operations went up by 16.3% to Rs 21.2 billion during the quarter under review as compared to Rs 18.2 billion in the corresponding period of the previous fiscal.

Marico said in Q3FY21, revenue from operations grew on the back of a strong domestic volume growth of 15% and a constant currency growth of 8% in the international business.

The FMCG major is aiming to fetch revenue of Rs 1 billion from its Saffola brand of packaged honey by next year, benefitting from the recent claims around the purity of its honey, and plans to reinforce this with greater efforts to expand its packaged and health foods offerings.

"Our aspiration is to touch the Rs 1 billion mark in revenues by next year, which will make it one of the fastest Rs 1 billion journey in the mid-sized foods category, considering that we extended this brand nationally only in November-December 2020," Saugata Gupta, managing director and chief executive officer, Marico, told investors in an earnings call on Thursday.

Demand for Marico's honey is much ahead of estimates, Gupta said. The brand that was largely rolled out across e-commerce and modern trade channels, has since commenced distribution in general trade. The brand faced some capacity problems in December and January, which have now been resolved.

Marico's portfolio of brands include Parachute, Saffola, Hair & Care, Nihar Naturals, Livon, Set Wet, Mediker, Revive and Beardo.

Marico share price has opened the day up by 1.5%.

To know more, you can read Marico's latest result analysis on our website.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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